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When First National Bank (FNB)’s GeoPayments service leaked earlier this week, we were fairly impressed. Now the banking giant has officially gone live with it we can give the full low-down.
In an official press release, the company confirms that the new functionality uses location-based services.
It claims that it can “locate other users, within close range, to make safe and secure cashless payments without the need of their bank account details”.
Oh, it also turns out that you don’t have to be an FNB customer to use GeoPayments. That said, FNB customers will make and receive payment, while non FNB customers will only be able to download the App and receive GeoPayments into an eWallet, which can be created via the App.
“Since the launch of the FNB App, we have seen a remarkable uptake in this digital channel. One of the benefits of smartphone and tablet applications is the potential for effective use of location-based technology. This latest innovation brings together location-based technology and person-to-person payments. We believe that it will not only offer clients additional convenience, but also unlock strategic potential for cashless payments going forward,” says FNB CEO Michael Jordaan.
Farren Roper, Head of Products and Markets at FNB Connect, reckons “”GeoPayments offers a quick, safe, easy and quick solution for making cashless payments” and that adding location-based services to payments “compliments the bank’s digital strategy.”
FNB App users who use the GeoPayments functionality to pay other FNB App users will be identified to each other, with the payer and recipient ‘pairing’ their devices before a payment is made.
GeoPayments is available on the new version of the FNB Banking App for Apple, Android and BlackBerry devices.